Computerized money transfer system and method

ABSTRACT

A plurality of agent terminals operable by agents of the money transfer service are interconnected by a communications network. A money transfer control system is connected to the communications network for controlling the implementation of the money transfer service. The money transfer control system includes an agent account data store storing account data for each agent and a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity.

PRIORITY

This application is a Continuation of commonly assigned and co-pendingU.S. patent application Ser. No. 14/460,311, filed Aug. 14, 2014, whichclaims priority to application Ser. No. 09/978,849, filed Oct. 15, 2001,entitled “A Computerized Money Transfer System and Method,” which areincorporated by reference in their entireties.

FIELD OF THE INVENTION

The present invention relates to a computerized money transfer methodand system.

BACKGROUND OF THE INVENTION

There are many services available for the transfer of money from asender to a receiver. One method offered by money transfer companiesrequires a sender to enter an office of the company in order to requestthe sending of money to a receiver, e.g. overseas. One office local tothe receiver is identified and the money is transferred to that office.When the money reaches the office, the receiver can go to the office andwithdraw the money, e.g. as cash or a cheque. The problem with thissystem is that there is a considerable time delay between the orderingof the transfer of the money and the actual receipt of the money. Thismethod does however have the advantage of not requiring a sender to havean account with the institution through which the money is beingtransferred.

Another method by which money can be transferred is, by transfer offunds between accounts, e.g. between bank accounts. Whilst this methodof transferring funds can be fast, it requires a sender and a receiverto have an account with the financial organization involved in thetransfer.

SUMMARY OF THE INVENTION

It is thus an object of the present invention to provide a simplifiedand efficient money transfer system and method.

The first aspect of the present invention provides a computerized moneytransfer system and method for implementing a money transfer service fortransferring money from a sending entity such as an individual orcompany to at least one receiving entity such as a person or company. Aplurality of agent terminals are provided which are operated by agentsof the money transfer service. The agent terminals are interconnected bya communications network which can comprise any conventionalcommunications network, e.g. a wired network such as the Internet, or awireless network. Connected to the network is a money transfercontroller for controlling the implementation of the money transferservice. Agents are registered with the money transfer controller plusaccount data for each agent is stored in the money transfer controller.A transaction data store is also provided to store transaction data fortransactions by agents implementing money transfers from senders toreceivers.

In order to initiate a money transfer, an agent terminal is used by anagent to input data which identifies the sender, the or each receiver,the sending agent and at least one receiving agent. The data will alsoindicate the amount of money to be transferred. The input data isreceived by the money transfer controller and a transaction data recordis stored in the transaction data store. Also as a result of thetransaction the agent account data for the sending agent is updatedbased on the transaction.

Thus in accordance with this embodiment of the present invention, amoney transfer system is provided which does not require the sendingentity or receiving entity to have an account. The sending entity cansimply instruct an agent of the money transfer service to make thetransfer which is reflected in the agent's account. Thus the moneytransfer system is based on a network of agents each of which registerwith the service and have accounts for the service. All transactionsimplemented by an agent accrues to their account, thus in this way aconvenient money transfer service is provided having a network of agentsenabling entities to transfer money therebetween without having arelationship with the money transfer service or between themselves.

In one embodiment, the money transfer system can enable the transfer ofmoney to be currency independent. A sending currency need not be thesame as the receiving currency. In this embodiment the money transfercontroller includes exchange rate data enabling the conversion ofcurrencies. This enables not only the sending currency and receivingcurrency to be different, based on the exchange rate, but also itenables the agent's account data to be in the agent's local currencybased on the exchange rate data involved in accumulated transactions.The currency exchange can be direct or indirect via at least oneintermediate currency.

In another embodiment of the present invention the money transfercontroller includes a transaction monitor for monitoring transactions.This enables transactions that fit a predetermined criteria, e.g.comprise suspicious or irregular transactions, to require furtherinformation from the sender. The requirement for further information forsuspicious or irregular transactions is a function of money launderingcompliance regulations. The provision of additional information by thesender helps money laundering regulation officers to detect potentialmoney laundering operations. On the basis of the input of furtherinformation, the money transfer controller can block the transactionautomatically if it is determined that stored money launderingcompliance regulations are contravened.

In addition to or instead of the monitoring and use of further data, atransaction can be monitored against predetermined criteria to determinewhether to allow the transaction. For example, the transaction can becompared with money laundering compliance regulations to determinewhether they are contravened and if so to block the transaction.Alternatively, or in addition, the transactions can be monitored andused in conjunction with the agent's account data in order to determinewhether the transaction should proceed. For example, if the transactionwould cause a change in the agents account data outside predeterminedcriteria, the transaction can be blocked. This provides for automaticcredit control, for example allowing the blocking of transactions untilthe agent's account is improved, e.g. by payment of some of theoutstanding debt incurred as a result of previous transactions.

In one embodiment of the present invention, because the agents accountdata and transaction data is stored centrally, this enables the nettingoff of agents' accounts for agents against other agents. Agents haveaccess to their accounts and can monitor and control their accounts.

In one embodiment of the present invention a money transfer controllerprovides an interface to allow agents to register as master agents andto register other agents as sub-agents. When an agent registerssub-agents, they accept responsibility for the transactions of thosesub-agents. Thus the account data for these sub-agents is linked to theaccount data of the master agent and in this way all transactions bysub-agents are to some extent controlled by the master agent. Theorganization of sub-agents and master agents can be hierarchical andthus sub-agents themselves can be master agents for their ownsub-agents. However, if a master agent is also a sub-agent, then thefinancial activities of the sub-agents of a master agents who is also asub-agent are the responsibility of the master agent at the top of thehierarchical tree.

In one embodiment, where a master agent has registered sub-agents, thetransfer terminal operated by the master agent can include a domainmoney transfer controller to control the implementation of the moneytransfer service between agents in a set of agent terminals operated byagents registered as sub-agents of the master agent. The domain moneytransfer controller also includes domain agent account data for the setof agents and domain transaction data for transactions between agents inthe set of agents. This embodiment of the present invention provides fora hub- and spoke-type money transfer system in which sub-agents cantransfer money to other sub-agents of the same master agent or themaster agent using the domain money transfer controller implemented onthe agent terminal operated by the master agent. Thus money transfersbetween sub-agents and the master agent can take place on a local basiswithout need to refer to the main hub money transfer controller.

In one embodiment of the present invention, the input transaction datafrom an agent terminal identifies a sender and a plurality of receivers.In other words the data represents a combined transaction aimed at anumber of recipients. This enables a sender to make a single request toan agent to send different amounts in different currencies to differentrecipients in a single transaction with the agent. This simplifies thetransaction with the agent and within the money transfer controller, thetransaction data can be stored as a single sending transaction indexedfor the sending entity and/or as a plurality of receiving transactionsindexed for each receiving entity. Alternatively, or in addition, thetransaction data for the transaction can comprise a single sendingtransaction indexed for the sending agent and a plurality of receivingtransactions indexed for each receiving agent.

In a preferred embodiment of the present invention, the money transfersystem comprises a web-based service implemented over an InternetProtocol (IP) network such as the Internet. The money transfercontroller comprises a web server system accessible by the agentterminals using a web interface. The agent terminals comprise computersimplementing web browser application to enable access to the webinterface of the server system.

In one embodiment of the present invention, to avoid the need forsenders who use the money transfer service regularly from having torepeatedly enter personal data, a sender can be provided with a devicesuch as a smartcard or other data storage device which can be read at anagent terminal to automatically input data identifying the sender.

In accordance with another aspect of the present invention, there isprovided a computerized money transfer system and method implementing amoney transfer service for transferring money from a sender to aplurality of receivers in which a plurality of terminals areinterconnected by a communications network. A money transfer controlleris connected to the communications network for controlling theimplementation of the money transfer service. The money transfercontroller includes a transaction data store storing transaction datafor transactions implementing money transfers from a sender to thereceivers. Data is input at a terminal to instigate a money transferfrom a sender to at least one receiver. The data is transmitted from theterminal to the money transfer controller. The data identifies thesender and the receivers and the money transfer controller records thedata in the transaction data store as a transaction from a sender to theplurality of receivers. The money transfer controller also apportionsthe transaction to each receiver and sends data identifying theapportionment for respective receivers to at least one terminal toenable the completion of the money transfer to the respective receivers.

Thus in accordance with this aspect of the present invention, a senderis able to complete a single transaction at a terminal of the moneytransfer system in which the transaction requires the transfer of moneyto more than one receiver who can be located at more than one terminal.Thus although the money transfer controller can store a singletransaction for the sender, this must be apportioned appropriately foreach receiver to ensure that the money aimed at the receiver is sent toa terminal to enable the completion of the money transfer.

In this embodiment of the present invention, the terminals can beoperated by the senders and receivers to provide a simple method oftransferring funds simultaneously from one sender to multiple receiversin one transaction.

In another embodiment of the present invention, the terminals areoperated by agents of the money transfer service. The agents areregistered with the service and have accounts against which thetransactions are recorded. The senders therefore contact agents and makearrangements for payment of agents to send money to receivers. Receivingagents are identified for receivers and the money is made availableimmediately by the or each receiving agent operating agent terminals forcollection by the receivers.

In one embodiment the money transfer controller stores the input data asa single transaction indexed by the sender.

In another embodiment of the present invention, the money transfercontroller is adapted to store the input data as a plurality ofassociated transactions associated by the sender and indexed by thereceiver.

Another aspect of the present invention provides a computerized hub andspoke money transfer system implementing a money transfer service fortransferring money from a sender to at least one receiver. The systemcomprises a plurality of agent terminals that are operable by agents ofthe money transfer service. The agent terminals are interconnected by acommunications network to which is connected a hub money transfercontroller for controlling the implementation of the money transferservice between unrelated agents. Related agents comprise daughters of acommon parent agent. The hub money transfer control system also includesa transaction data store storing transaction data for transactionsbetween unrelated agents implementing money transfers from a sending toat least one receiver, and an agent data store containing agentrelationships identifying a hierarchy of parent and daughter agents.

At least one agent terminal operable by a parent agent comprises a spokemoney transfer controller for controlling the implementation of themoney transfer service for money transfers between related agents. Thespoke money transfer controller also comprises a local transaction datastore storing transaction data for transactions between related agentsimplementing money transfers from a sender to at least one receiver, andan agent data store storing agent relationships identifying a hierarchyof parent and daughter agents.

When data is input at a terminal by a sending agent instigating a moneytransfer at the request of a sender to at least one receiver, the datainput identifies the sender and receiver, the sending agent, and atleast one receiving agent that is to remit the money transferred theretoto the or each receiver. The input data is transmitted to either the hubmoney transfer controller or the spoke money transfer controller. Thedata is transmitted to the hub money transfer controller if a receivingagent identified in the data is not related to the sending agent. Thehub money transfer controller records the input data in the transactiondata store as a transaction from a sending agent to at least onereceiving agent for a sender and at least one receiver, and transmitsinformation on all transactions to the or each agent terminal operatedby the or each receiving agent.

If the data is sent to the spoke money transfer controller, the spokemoney transfer controller records the input data in the localtransaction data store as a transaction from a sending agent to at leastone receiving agent for a sender and at least one receiver, andtransmits information on the transaction to the or each agent terminaloperated by the or each receiving agent.

Thus in accordance with this aspect of the present invention, it ispossible for spoke money transfer controllers to handle money transfersbetween related agents who are either the agent operating the spokemoney transfer controller, or sub-agents thereof. This provides for moredistributed processing of money transfers and enables transfers within adomain to be handled locally without having to utilize a central hubmoney transfer controller.

In accordance with this aspect of the present invention, it is possiblefor transactions to be handled locally by the spoke money transfercontroller because the agent operating the spoke money transfercontroller has control over the sub-agents within the domain and theoperator of the spoke money transfer controller takes ultimateresponsibility for the financial transactions between its sub-agents.

In one embodiment of the present invention, to ensure that the hub moneytransfer controller contains a complete picture of all transactionstaking place within the money transfer control service, the hub moneytransfer controller includes transaction data synchronization means forsynchronizing the transaction data in the transaction data store in thehub money transfer controller with the transaction data store in thespoke money transfer controller.

Another aspect of the present invention provides A hub and spoke moneytransfer system implementing a money transfer service for transferringmoney from a sender to at least one receiver, the system comprising: aplurality of money transfer agent terminals operable by money transferagents; a hub money transfer controller for controlling the transfer ofmoney between unrelated agents; at least one spoke money transfercontroller for controlling the transfer of money between related agents;wherein the agent terminals, the spoke money transfer controller and thehub money transfer controller communicate over a communications network.

The present invention can be implemented using dedicated processingequipment, or programmable processing equipment such as suitablyprogrammed general purpose computers. Further, the present invention canbe implemented by a single processing apparatus or a number of networkedprocessing apparatuses networked by any conventional communicationsnetwork. The present invention can thus be implemented by suitablyprogramming a computer. Therefore, the present invention encompassescomputer program code for controlling a processing apparatus toimplement the method of the present invention. The computer program canbe embodied on any suitable carrier medium supplied to a processingapparatus such as a transient carrier medium, e.g. an electrical,optical, microwave, rf, or acoustic signal (an example being a TCP/IPsignal carrying computer code over an IP network such as the Internet),or a storage medium such as a floppy disk, hard disk, tape device.CD-ROM, or solid state memory device.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a schematic diagram of a money transfer system in accordancewith an embodiment of the present invention;

FIG. 2 is a schematic diagram of the data provided in the database inthe embodiment of FIG. 1;

FIG. 3 is a schematic diagram illustrating the different interfacesprovided to the database in an embodiment of the present invention;

FIG. 4 is a schematic diagram illustrating how agents can be controlledand organized in a money transfer system in accordance with anembodiment of the present invention;

FIG. 5 is an organizational diagram illustrating the organization ofagents hierarchically in a money transfer system in accordance with anembodiment of the present invention;

FIG. 6 is a flow diagram illustrating the method of registering agentsin accordance with an embodiment of the present invention;

FIGS. 7a and 7b are a flow diagram illustrating the money transferprocess in accordance with an embodiment of the present invention; and

FIG. 8 is a schematic diagram of a system for implementing a hub andspoke money transfer service in accordance with an embodiment of thepresent invention.

DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS

FIG. 1 is a schematic diagram of a money transfer system in accordancewith an embodiment of the present invention. In this embodiment atransaction server 1 implements the money transfer control function andthis is connected over the Internet to a first agent's computer 3 and asecond agent's computer 5. The first agent's computer 3 implements a webbrowser 3 a and is provided with a device reader 3 b for receiving adevice 3 c from a sender who wishes to send money to a receiver. Thusthe agent implementing the agent's computer 3 acts as a sending agentfor a sender. The device 3 c can comprise any conventional storagedevice such as a smartcard, magnetic card, or other solid state device.The device 3 c can store personal information for a sender who is aregular user of the money transfer service to avoid the user having tomanually provide their personal data every time they wish to instructthe sending agent to instigate a money transfer. The sending agentoperating the agent's computer 3 will receive payment from the sender inrespect of the money to be transferred to a receiver. The agent'scomputer 3 communicates with the transaction server 1 in order toprovide the money transfer as will be described in more detailhereinafter. The transaction server 1 is also connected over theInternet to a second agent's computer 5, which in this example isoperated by an agent designated as the receiving agent. The receivingagent's computer 5 is located in an office which is convenientlyaccessible to the recipient of the transferred money. The agent'scomputer 5 implements a web browser 5 a for implementing communicationsover the Internet 2 to the transaction server 1. Thus data instructingthe transfer of money is transferred from the sending agent's computer 3upon payment by the sender to the receiving agent's computer 5,whereupon the receiving agent will pay the receiver. Thus this systemenables a sender to go to the offices of the sending agent and pay incash or any convenient payment method accepted by the sending agentwhereupon an instruction is sent to the receiving agent's computer topay the receiver and the receiving agent will pay the receiver when theypresent themselves in the receiver's office in any convenient form, e.g.cash or cheque. The instruction between the sending agent and thereceiving agent for the payment to the sender is almost instantaneous.There is no need to await the transfer of the funds. Credit is thusextended between the receiving and sending agents. This is reflected intheir accounts which are stored within the transaction server 1 indatabase 10 as will be described in more detail hereinafter.

The transaction server 1 in this embodiment of the present inventioncomprises a web-based service implemented by a web server 6 provided webpage interfaces to web browsers 3 a and 5 a on the sending agent'scomputer 3 and the receiving agent's computer 5 respectively. The webserver 6 in the transaction server 1 is provided with Java code in aJava code store 9 for the generation of appropriate web pages. Also,static web pages and web page templates are provided in a static webpage and template store 7. A database application 8 is provided tointerface the web server 6 to a database 10 in which is stored agents'account information and transaction information as will be described inmore detail hereinafter.

It can thus be seen from FIG. 1 that the present invention provides aweb-based system which enables the money transfer system to be providedglobally to a global network of agents using the readily availableInternet. Connections between computers over the Internet should besecure and can be implemented either by using the secure socket layer(SSL) or by implementing a virtual private network (VPN) between thecomputers.

In addition to agents acting as sending and receiving agents, the systemprovides for an administrative interface to provide administrativefunctions. In FIG. 1, there is illustrated an administrator's computer 4which is also provided with a web browser 4 a to access web pagesprovided by the web server 6 to provide an administrator's interface tothe information in the database 10.

FIG. 2 illustrates the content of the database 10 in the transactionserver 1 in more detail.

Within the database 10 there is stored sending entity records 11. Thesending entity represents the customer of the service. The recordscontain customer information. Each sending entity or customer is given acustomer number. For each customer number the customer's name, address,contact details such as telephone number, fax number and e-mail areentered together with date or birth, age, and sex. Also the records canindicate whether the records are active or inactive to allow for anadministrator to bar the customer. The records can also store a list ofrecipients, by recipient numbers to whom the sender has sent moneybefore.

Database 10 also includes recipient entity records 12. The recipiententity records 12 contain information on the recipients of the moneytransfers by customers. Each recipient is given a recipient number andthe recipient's personal details such as name, age, date or birth, sex,address, etc., is stored as a record. Also for each recipient, the agentnumber for the receiving agent they used to receive the money is stored.

Database 10 also includes agent records 13 which comprise a record foreach agent. Each agent is given an agent number or ID. The agent numberor ID can indicate the type of agent. For example, an agent can be amaster agent or a sub-agent. The agent ID will indicate whether theagent has been registered as a sub-agent since the ID will include theID of the parent. A parent and child relationship can either beindicated by the agent ID, or by relationships within the database. Theagent record will also indicate the type of agent, for example whetherit is a sending agent, a receiving agent, or both a sending andreceiving agent. The ability to send and receive money can be governedby local money transfer regulations. The agent record also includes theagent name, address (location), and contact details. For security, theInternet Protocol (IP) address of the agent's computer can also bestored in an agent record so that the IP address of the computer usedduring a money transfer can be checked to ensure that the communicationduring money transfer is to the agent's computer and not to a backer.The agent record will further include security details such as usernameand passwords. If the agent is an organization, there may be anorganization password which provides a certain level of access and eachoperator can be provided with an individual password which provides alower level of access. The level of access can govern the level ofadministrative access enabled to the information within the database.The agent record further stores credit limit information indicating thelevel of credit allowed for the agent and/or deposit informationindicating the level of funds deposited by the agent. Further in theagent record the commission type or split to be earned by the agent formoney transfers can be indicated to enable separate types of commissionor separate commission splits to be used for different agents. Forexample, where an agent generates a high volume of business, a specialcommission type or split may be negotiated for that agent. The agentrecord further stores an indication of whether the agent record isactive or inactive to allow for an administrator to bar the agent shouldthat be required.

The database 10 also stores money laundering regulation officer (MLRO)records 14. An MLRO record is provided for each MLRO. Typically, eachcountry will require a MLRO who has knowledge of the money launderingcompliance regulations of that country to enable them to update therecords when necessary. The MLRO record stores regulatory information,statutory limits for transactions, internal limits for transactionstogether with username and password information.

The database 10 further contains administrator records 15. Theadministrator records comprise a record for each administrator who hasaccess to information in the database. The record for an administratorcomprises an administrator number, an administrator level indicating thelevel of access permitted to the administrator, the geographical regionfor which the administrator is responsible, and the username andpassword information for the administrator.

The database 10 further contains credit controller records 16. Eachcredit controller is provided with a record having a credit controllernumber, an indication of the region for which the credit controller isresponsible, and the username and password for the credit controller.This enables credit controllers to look at agents' accounts to performtheir credit control responsibilities in respect of the regions forwhich they have responsibility.

The database 10 further stores transaction records. A transaction recordis created for each transaction or money transfer that takes place. Atransaction record comprises a transaction number unique to thetransaction, the sender number, the receiver number or numbers, thesending agent number, the receiving agent or agents, the principal sum,i.e. the amount paid by the sender, the amount to be paid to the or eachreceiver, the commission charged for the transaction, the sending andreceiving currencies, the actual and realized exchange rates (the actualexchange rate representing the exchange rate used by the sending agentto calculate the amount to be paid to the receiver in relationship tothe actual amount paid by the sender, whereas the realized exchange raterepresents the exchange rate at the time of settlement of thetransaction with the sending agent). The transaction record can alsoinclude an indication of whether the transaction is a suspicious orirregular transaction or not. If the transaction is a suspicious orirregular transaction, the transaction record can include either theadditional transaction data which is required to be entered by thesender or a pointer to the additional transaction data. The transactionrecord further stores a status indication indicating the status of thetransaction. The transaction has four states;

-   1. Pending, indicating that the instruction to pay the receiver has    been received by the receiving agent but payment has not yet been    made to the receiver;-   2. Remitted, indicating that the receiver has been paid;-   3. Settled, indicating that the sending agent has been paid;-   4. Failed/cancelled, indicating that the transaction has failed or    has been blocked.

The transaction record can further store a password that a receiver mustgive to a receiving agent before they are paid.

The database 10 further stores exchange rate and commission data 18.Exchange rate data must be updated regularly to reflect current exchangerates. The commission data can comprise commission rates to be used fortransactions. The exchange rate and commission data is referred to inthe formation of a transaction record.

It will thus be clear that the data stored in the database 10 contains awealth of information on transactions implemented by agents which can beaccessed and viewed as reports by administrators, agents, MLROs orcredit controllers.

Thus entities within the money transfer system comprise agents which canbe organized hierarchically as parent and daughter agents or master andsub-agents, administrators, which can be provided with administrativeaccess at different levels, credit controller, and MLAO. Each entityrequires access to the database 10 with different levels of access. FIG.3 illustrates the interfaces provided to the database 10 by thegeneration of appropriate web pages by the web server 6 using the Javacode 9. An agent transaction interface 110 is provided for interfacingto a transaction processing module 111 comprising code implementedwithin the web server 6. An entity enquiry interface 112 is provided toallow an agent to perform enquiry functions via an exchange rateprocessor 113 implemented by the web server 6. This enables an agent toreturn information on rates of exchange, countries, cities and locationswhere money can be sent by an entity, the suggested nearest sendingagent location to the location of the desired receiver, the total chargefor making a transaction, the nett amount receivable in a particularcountry in a particular currency, the total amount to be paid, and theability to check the status of transactions performed by an entity.

An agent is also provided with an agent administration interface 114 toallow an agent to access the database 10 in order to look at theiraccount information and transactions performed by them, i.e. sending andreceiving transactions. The agent administration interface allows anagent to access the following information:

-   -   To access the agent profile;    -   See all transactions performed by or on behalf of the agent;    -   To see the total sales made and commissions earned for a period        of time;    -   To view the outstanding amount due to be paid to the money        transfer organization.

The agent can type a record of the cash paid into the bank in lieu ofthe payments made. The agent can also view the status of transactions heis responsible for.

An administration interface 115 can be provided to database 10 toprovide access to administrators at different levels. For example, amaster administrator could have access to all data in the database.Local administrators, on the other hand, can have access only to certainparts of the database related to a number of agents, or to a geographicregion. An administrator can view information dependent upon their levelof access. An administrator can not only access data but can also makechanges to, for example, currency exchange rates, commission rates andother data. The administrator can obtain reports for agents for whichthe administrator is responsible, showing transactions for periods oftime, or transactions that meet certain criteria.

Credit controllers are provided with a credit control interface 116 toenable them to perform credit control. Money laundering regulationofficers (MLROs) are provided with a MLRO interface 117 to enable themto perform their regulatory function.

FIG. 4 illustrates how the various entities in the money transfer systemcan be organized. A money transfer organization 70 controls the moneytransfer controller 71. The money transfer organization 70 is alsoprovided with an administrator 72, a credit controller 74 and a moneylaundering regulation officer 73. This enables the money transferorganization to provide for central control of the money transferservice. The money transfer organization 70 can also include their ownagents 75 which are under their direct control. Outside the moneytransfer organization 70 agents can operate independently such as agent90. Such an agent could, for example, be operated by the owner of anewsagent. This enables people to go to the newsagent and send money torecipients overseas. Because the system is a web-based system, the ownerof the newsagent acting as an agent simply requires access to theInternet in order to provide the service. They will also need to enterinto a contractual relationship with regard to setting up an accountwith the money transfer organization 70.

In FIG. 4 organization 100 such as a company comprises two separateagents 101 and 102. The organization 100 also has an administrator 103to provide an administrative function for the agents 101 and 102. Thusthe money transfer organization 70 provides the organization with twoagent interfaces and an administrative interface at a level required forthe organization 100.

Organization 80 which can comprise for example a company, has an agent83 and two sub-agents 82 and 84 which are sub-agents of agent 83. Themain agent 83 of the organization has thus registered sub-agents 82 and84 as sub-agents of agent 83 with the Money transfer controller 71. Thisprocess will be described in more detail hereinafter. The organization80 also has an administrator 81 to provide administrative control overthe agent 83 and sub-agents 82 and 84. Thus the money transferorganization 70 has provided the organization 80 with interfaces to themoney transfer controller 71 to enable three agents to access the moneytransfer controller 71, two of them being as sub-agents of the mainagent 83, and an administrative interface.

FIG. 5 is an organizational diagram illustrating the hierarchicalorganization of agents in relation to the money transfer controller andentities. The relationships illustrated by the solid lines in FIG. 5 arethe financial responsibility relationships. For example, each agent orparent agent 21, 26, 27, 28 and 34 have a contractual relationship withthe money transfer controller 20 and credit is arranged to enable theseagents to transact. The remaining agents 22, 23, 24, 25, 29, 30, 31, 32and 33 are all daughter or sub-agents that have been set up assub-agents of the parent agents 21, 26 and 28. It is these parent agents21, 26 and 28 that bear the financial responsibility of the sub-agentsthat they have registered. The sub-agents 22, 23, 24, 25, 29, 30, 31, 32and 33 can perform transactions with any other agents. The transactionsare, however, mapped to the accounts for the master or parent agents,particularly for credit checking purposes. Agents 21, 26 and 28 havelimited credit which requires them to ensure that transactions are paidfor by settling with receiving agents, and that their sub-agents settletransactions with receiving agents.

It can be seen in FIG. 5 that sub-agents can be registered as masteragents for sub-agents and thus a hierarchy of agents can be registeredwith the money transfer controller 20. Each agent can implement themoney transfers for separate entities, e.g. persons or companies, or theagent might be operated by an organization such as a company andtherefore the agent becomes an agent/entity such as agent/entities 25and 34.

The dashed lines in FIG. 5 illustrate money transfers between entities.Entity 46 is a sending entity using agent 24 as a sending agent. Sendingagent 24, although responsible to parent agent 21 financially, canconnect to the money transfer controller 20 using the web interface. Themoney transfer controller 20 will identify that the receiving agent isagent 21 and thus information will be transferred to agent 21 so thatagent 21 can complete the transfer of the money to the receiving entity40. It can be seen that this transfer comprises a transfer involvingsub-agent 24 to parent agent 21. This is thus a transaction which couldbe implemented as a local transaction on a spoke in a hub and spoketransaction model as will be described in more detail with reference tothe embodiment of FIG. 8.

The other transaction illustrated in FIG. 5 by the dashed line is atransaction from a sending entity 47 to multiple receiving entities 48,50 and 60. The sending entity 47 uses the sending agent 26 to compile asingle transaction for which the sending entity makes a single paymentrepresented as a transaction from a single sending entity to multiplereceiving entities. The transaction data will also indicate that tworeceiving agents 27 and 33 are involved in completion of the transfer tothe three receiving entities 48, 50 and 60. The money transfercontroller 20 thus receives the transaction data from the sending agent26, stores it as a transaction and instructs the receiving agents 27 and28 to make payment to their respective receiving entities 48, 50 and 60.It can thus be seen that for this transaction it is possible for asending entity to make a single transaction to multiple receivingentities, thus simplifying the transaction process for the sendingentity.

The process of registering agents for the money transfer service willnow be described with reference to the flow diagram of FIG. 6. Anyprospective agent for the service must first access the agentregistration web page (step SD. If an agent has already registered, itis possible for the agent to log in (step S2) to enable them to registersub-agents (step S5).

If an agent does not log in (because they are not registered) they enteragent data (step S3) to enable an agent record to be formed in thedatabase 10 (step S4). When an agent registers, they will need to eitherobtain secured credit, or make a deposit to use the service. The levelof credit or level of their deposit will determine the credit availableto them for transactions.

Once an agent is registered, it is possible for the agent to select toregister sub-agents for which they will be financially responsible (stepS5). If they do not select to register sub-agents, the registrationprocess is terminated (step S6). If the agent selects to registersub-agents (step S5), a web page is generated by the web server 6 forregistering sub-agent (step S7). An agent can then select to registerdaughter sub-agents of a registered sub-agent (step S8). If the agentdoes not select at this point to register sub-agents of a registeredsub-agent, but instead wishes to register a sub-agent, the sub-agentdata is entered (step S9) and an agent record is created for thesub-agent as a sub-agent of the agent (step S10). The agent can thenselect to register daughter sub-agents (step S11). If they do not selectand register daughter sub-agents, the registration process is terminated(step S6). If the agent selects to register daughter sub-agents (step S8or step S11) the parent sub-agent for the daughter sub-agent is selected(step S12) and daughter sub-agent data is entered (step S13). An agentrecord is then formed for the daughter sub-agent as a daughter sub-agentof the parent sub-agent (step S14). This process can be repeated forfurther daughter sub-agents (step S11).

In this way an agent operating as a master or parent agent can registera hierarchy of sub-agents for which the master or parent agent takesfinancial responsibility. Such an agent is agent 28 illustrated in FIG.5 which has two sub-agents 29 and 33. Sub-agent 29 has daughtersub-agents 30, 31 and 32. All of these agents 29, 30, 31, 32 and 33 fallunder the financial responsibility of the parent agent 28.

The process of transferring money from a sending entity to one or morereceiving entities will now be described with reference to the flowdiagram of FIGS. 7a and 7 b.

When a sending entity instructs an agent to transfer money to one ormore receiving agents, the sending agent logs in to the money transfersystem and accesses the money transfer web page provided by the webserver 6 (step S20). The sending agent takes the following informationfrom the customer:

-   -   Customer number (if not a new customer)    -   Sender's title    -   Sender's first name    -   Sender's last name    -   Sender's date of birth or age    -   Sender's full address    -   Sender's postcode    -   Sender's phone number    -   Sender's e-mail    -   Mode of payment, e.g. cash, draft or bank account    -   Bank, bank account number, branch, sort code    -   Where the money is to be sent    -   The amount to be sent    -   Paying-in currency (by default this is the local currency of the        sending agent)    -   Paying-out currency    -   Password he wants the receiver to give to obtain the money    -   Reasons for sending (required for money laundering regulations),        i.e. personal,    -   family maintenance or foreign tourist    -   Is this the sender's money (yes or no)    -   Recipient's title    -   Recipient's date of birth or age    -   Receipt's first name    -   Recipient's last name    -   Recipient's address    -   Recipient's phone number    -   Total amount to be paid to the sending customer    -   Pay out method, e.g. cash, cheque or credit card

Thus, the sending and receiving entity data and money transfer data isinput (step S21). The exchange rate and commission data is used todetermine the sum to be paid by the receiving agent to the receivingentity (step S22).

During the determination of the exchange rate and the finalization ofthe transaction by the sending agent, a receipt is issued to the sender.A sender can also see the status of all previous transactions carriedout on his behalf.

The data is sent to and received at the transaction server (step S23).The transaction server adds the sending agent information obtained byvirtue of identifying the agent during the log-on sequence (step S20) isadded to the received data for the stored transaction data (step S24).The transaction server then determines whether the transaction dataidentifies more than one receiving entity (step S25). If so, thetransaction data is stored as a linked set of transaction records wherethe transaction records are associated or linked by the sending entityand/or agent and are indexed by the receiving agents and/or entities. Ifthe transaction data identifies only one receiving entity (step S25) thetransaction data is stored as a transaction record (step S27). Thetransaction record or records are then compared to the sending agent'sdata and the regulatory data (step S28). If the comparison of thetransaction record or records of the regulatory data identifies that thetransaction is a suspicious or irregular transaction (step S29), a webpage requesting additional transaction data from the sending entity isgenerated (step S30). Thus the sending entity must provide further datasuch as passport details, driving license or other acceptableidentification. The comparison (step S28) enables a possibly valid butsuspicious or irregular transaction to be processed with necessaryadditional data to aid the detection of money laundering. The additionaltransaction data is received at the transaction server (step S31) as aresult of the sending agent filling in the forms on the web page, andthe additional transaction data is entered in the transaction record orrecords (step S32).

Once the additional transaction data has been entered in the transactionrecords, or if the transaction is not a suspicious or irregulartransaction, the transaction server then determines whether thetransaction causes the credit limit for the sending agent to beexceeded, or whether the agent has been barred from using the service,or whether a money laundering compliance regulation would be broken bythe transaction. If so, a web page is generated to inform the sendingagent that the money transfer cannot be accepted (step S34), thetransaction is then marked as refused in the transaction records (stepS35). Thus in this way the transaction server can monitor and controltransactions and prevent transactions which would either expose thereceiving agent to an unacceable credit risk (because the credit limitof the sending agent has been exceeded or the agent has been barred) orbreach money laundering compliance regulations applicable to thetransaction.

If it is determined that the credit limit has not been exceeded for thesending agent, the sending agent is not barred, and that no regulationhas been broken (step S33) a web page is generated to inform the sendingagent that the transfer is accepted and the transaction number ornumbers are displayed (step S36). The transaction server marks thetransaction or transactions as pending (step S37) and the receivingagent or agents for the transaction or transactions are notified (stepS38). The receiving agent or agents then accesses the web page showingpending transactions for which they are the receiving agent (step S39).The receiving agent or agents then make arrangements to pay thereceiving entity or entities and input an indication that the payment orpayments have been made (step S40). In order for the receiving agent topay the receiving entity, the receiving entity must confirm their name,address, telephone number, the amount they expect to receive, from whomhe expects to receive the funds, the country from which the funds areexpected to come from, a password (if applicable), a form ofidentification, and a selection of the method of payout.

The transaction server then updates the transaction record or records toremitted status and records the exchange rate at the time of remittancein the transaction record (step S41). The recording of the exchange rateof the time remittance in the transaction record enables the exchangerate difference for a transaction record, i.e. the spread to bedetermined. Because the money transfer organization accept payment fromthe sending entity based on the exchange rate at the time of payment bythe sending entity and then make payment to the receiving entity basedon the exchange rate at the time of payment, there is a potentialexchange rate difference. This is borne by the money transferorganization. This exchange rate difference may result in a profit or aloss. Careful selection of exchange rates used for calculation of thepayment to be made by the sending entity need to be used to avoidexchange rate losses. At the end of each day, the sending agent willdeposit all money he has received from all customers minus hiscommission in a bank specified by the money transfer organization. Thisallows the money transfer organization to credit accounts accordingly,i.e. to transfer funds to receiving agents who have paid money out toreceiving entities. Records of the payment of the cash made to the moneytransfer organization can be entered by the sending entity using theadministration interface 114.

Once transactions have been completed, using the administrationinterface, agents can view their account data of previous transactions.This enables agents to affect a netting off against any other agents atany time using the current exchange rates.

FIG. 8 is a schematic diagram of a money transfer system in accordancewith another embodiment of the present invention. The system operates asa hub and spoke money transfer system in which the transaction server1000 acts as a hub and the master agent's computer 3000 acts as a spoke.In this embodiment of the present invention, a master agent operatingthe master agent's computer 3000 has registered two sub-agents operatingsub-agents' computers 4000 and 5000, each implementing respective webbrowsers 4000 a and 5000 a. The agents are all part of an organization6000. The master agent is liable for its sub-agents as describedhereinabove.

In this embodiment of the present invention, when a master agentregisters as a master agent, the master agent's computer 3000 isconfigured as a spoke in the hub and spoke money transfer system. Themaster agent's computer receives code for implementing a master agentapplication 3003 that a database subset 3004 which is a subset ofdatabase 1005 in the transaction server 1000 (i.e. the hub). The masteragent's computer 3000 also implements a web browser 3001 and web server3002.

The transaction server 1000 acting as hub money transfer systemcomprises a web server 1001 implementing Java code stored in the Javacode store 1003 and static web page and templates stored in a static webpage and templates store 1002. The database application 1004 acts as aninterface between the web server 1001 and the database 1005. Theoperation of the transaction server 1000 is substantially the same asdescribed hereinabove for the previous embodiment.

When a sub-agent is instructed to a receiving entity, if the receivingentity wishes to use a receiving agent having the agent's computer 7000,since this is not under the control of the master agent, the sub-agentmust use the transaction server 1000 as the hub money transfer system asdescribed hereinabove for the previous embodiment. However, if money isto be transferred from a sending agent operating the sub-agent'scomputer 5000 to the agent operating as a receiving agent and operatinga sub-agents computer 4000, the master agent's computer 3000 can be usedas a spoke money transfer system. Since there is no responsibilityoutside the organization 6000 for the money transfer, the hub moneytransfer system need not be involved. There is simply a transfer offunds between agents for which the master agent has ultimate liability.Thus, the web browser 5000 a of the sub-agents computer 5000 can be usedby the sending agent to access the web server 3002 at the master agent'scomputer 3000. The master agent application 3003 can then access datawithin the database subset 3004 in order to complete the transaction tothe receiving agent using the sub-agent's computer 4000. In this way thetransaction is controlled by the master agent application 3003 and thedatabase subset 3004 contains records of local transactions within theorganization 6000.

In order to ensure that the hub money transfer system implemented by thetransaction server 1000 contains an up-to-date global database 1005,periodically, the database application 1004 implements a procedure tosynchronize the database subset 3004 with the database 1005.

It can thus be seen that this second embodiment of the present inventionenables local transactions to be implemented using a spoke moneytransfer system implemented under the control of a master agent fortransactions between sub-agents of the master agent.

Although the present invention has been described hereinabove withreference to specific embodiments, it will be apparent to the skilledperson in the art that modifications lie within the spirit and scope ofthe present invention.

For example, although the currency conversion has been describedhereinabove as a direct conversion from the sender's currency to thereceiver's currency, the present invention encompasses the use of anynumber of intermediate currencies in the currency conversion process.

What is claimed is:
 1. A computerized money transfer system implementinga money transfer service for transferring money from a sending entity toat least one receiving entity, the system comprising: a plurality ofagent terminals operable by agents of the money transfer service, saidagent terminals being interconnected by a communications network; amoney transfer control system implemented by a transaction server andconnected by the communications network to the plurality of agentterminals to control the implementation of the money transfer service,the money transfer control system including an agent account data storestoring account data for each agent, and a transaction data storestoring transaction data for transactions by agents implementing moneytransfers from a sending entity to at least one receiving entity;wherein said agent terminal is adapted to be responsive to data, inputby a sending agent instigating a money transfer requested by a sendingentity to at least one receiving entity, to transmit the input data tothe money transfer control system; wherein the input data identifies thesending and receiving entities, the sending agent, and at least onereceiving agent that is to remit the money transferred thereto to theeach receiving entity; and wherein the money transfer control system isadapted to record the input data in said transaction data store as atransaction from a sending agent to at least one receiving agent for asending entity and at least one receiving entity, and to update theagent account data in the agent account data store for the sending andreceiving agents; wherein the transaction server comprises a web-basedservice implemented by a web server and providing web page interfaces toweb browsers on the plurality of agent terminals, wherein the web serverin the transaction server comprises a code in a code store forgenerating an appropriate web page, wherein the appropriate web pageprovides an interface to a database containing the data in each of thedata stores,  wherein the interface includes at least one of atransaction interface and an entity enquiry interface,  wherein thetransaction interface is configured to interface to a transactionprocessing module having a code implemented within the web server, and wherein the entity enquiry interface performs enquiry functions via anexchange rate processor implemented by the web server, a transactionmonitoring device configured to (i) monitor transactions (ii) send arequest for further information from the sending entity to the agentterminal operated by the sending agent if the transaction fits apredetermined criteria, (iii) receive the further information from theagent terminal, and (iv) associate the further information with thetransaction in the transaction data store; a first transactioncontroller configured to one of approve and block the transaction on thebasis of a predetermined criteria generated when transaction record iscompared with sending agent data and regulatory data, wherein the firsttransaction controller, based on the predetermined criteria, generates aweb page requesting additional transaction data from the sending entity,and receive the additional transaction data, wherein if the receivedadditional transaction data matches the predetermined criteria, then thefirst transaction controller blocks the money transfer.
 2. Acomputerized money transfer system according to claim 1, wherein themoney transfer requested is from a sending currency to a receivingcurrency, said money transfer control system includes an exchange ratedata store storing exchange rate data, said agents account data storestores account data for each agent in a local currency for the agent,and said money transfer control system is adapted to use the exchangerate data in said exchange rate data store to convert currency valuesfor transactions to determine an amount in the receiving currency basedon an amount in the sending currency, to store the amounts as part ofthe transaction stored in said transaction data store, and to update theagent account data in the agent account data store for the agents in thelocal currencies based on the exchange rate data.
 3. A computerizedmoney transfer system according to claim 1, wherein said money transfercontrol system includes a second transaction controller configured tocontrol the transaction by comparing the transaction to predeterminedcriteria.
 4. A computerized money transfer system according to claim 3,wherein said second transaction is configured to (i) control thetransaction by comparing the transaction to money laundering complianceregulatory data representing money laundering compliance regulations,and (ii) block the transaction if the comparison determines that thetransaction contravenes the money laundering compliance regulations. 5.A computerized money transfer system according to claim 1, wherein saidmoney transfer control system includes a third transaction controllerconfigured to control the transaction by reference to the transactionand account data in said account data store for the sending agent.
 6. Acomputerized money transfer system according to claim 1, wherein saidmoney transfer control system includes an interface device configured toallow agents operating agent terminals to be registered as a masteragent and other agents to be registered as sub agents, and is adapted tolink the account data in the account data store for the sub agents tothe master agent.
 7. A computerized money transfer system according toclaim 6, wherein at least one agent terminal operated by an agentregistered as a master agent includes a domain money transfer controllerconfigured to control the implementation of the money transfer servicebetween agents in a set of agent terminals operated by agents registeredas sub agents of the master agent, and said at least one agent terminalincluding a domain agent account data store configured to store accountdata for the set of agents, and a domain transaction data storeconfigured to store transaction data for transactions between agents inthe set of agents.
 8. A computerized money transfer system according toclaim 1, wherein said money transfer control system is adapted toreceive input data from an agent terminal identifying a sending entityand a plurality of receiving entities, and to store transaction data inthe transaction data store as a single sending transaction indexed forthe sending entity and as a plurality of receiving transactions indexedfor each receiving entity.
 9. A computerized money transfer systemaccording to claim 1, wherein said money transfer control system isadapted to receive input data from an agent terminal identifying asending entity, a sending agent, a plurality of receiving entities and aplurality of receiving agents, and to store transaction data in thetransaction data store as a single sending transaction indexed for thesending agent and as a plurality of receiving transactions indexed foreach receiving agent.
 10. A computerized money transfer system accordingto claim 1, wherein browsers on each of the plurality of agent terminalscommunicate with said money transfer control system.
 11. A computerizedmoney transfer system according to claim 1, wherein said money transfercontrol system includes an administration interface device to allowagents to access respective agent account data in said agent accountdata store and transaction data in said transaction data store.
 12. Acomputerized money transfer system according to claim 1, wherein saidmoney transfer control system includes account netting off determinatorfor allowing agents to determine a nett off of their accounts in theaccounts data store against any other agent.
 13. A computerized moneytransfer system according to claim 1, wherein at least one agentterminal includes a sending entity recognition device for automaticallyinputting data identifying a sending entity.
 14. A computerized moneytransfer control system implemented by a transaction server forconnection to a plurality of terminals over a communications network tocontrol the implementation of a money transfer service and to transfermoney from a sender to a plurality of receivers, said terminals beinginterconnected by the communications network and being operable toinstigate a money transfer from a sender to a plurality of receivers,the system comprising: a transaction data store configured to storetransaction data for transactions implementing money transfers from asender to the receivers; a receiving device configured to receive datafrom a terminal to instigate a money transfer from a sender to aplurality of receivers, wherein the received data identifies the senderand receiver; and a transaction processor including a comparator andconfigured to record the received data in said transaction data store asa transaction from a sender to the plurality of receivers, to apportionthe transaction to each said receiver, and to send data identifying theapportionment for respective receiver to at least one terminal to enablethe completion of the money transfer to the respective receiver, whereinthe transaction processor is configured to one of approve and block thetransaction on the basis of a predetermined criteria generated with thetransaction record is compared with sending agent data and regulatorydata, wherein the transaction processor comprises a web-based serviceimplemented by a web server and providing web page interfaces to webbrowsers on the plurality of agent terminals, wherein the web server inthe transaction processor comprises a code in a code store forgenerating an appropriate web page, wherein the appropriate web pageprovides an interface to a database containing the data in each of thedata stores,  wherein the interface includes at least one of atransaction interface and an entity enquiry interface,  wherein thetransaction interface is configured to interface to a transactionprocessing module having a code implemented within the web server, andwherein the entity enquiry interface performs enquiry functions via anexchange rate processor implemented by the web server, wherein thecomparator is configured to compare the received additional transactiondata with the predetermined criteria, and if the received additionaltransaction data matches the predetermined criteria, then thetransaction processor blocks the money transfer.
 15. A computerizedmoney transfer control system according to claim 14, wherein saidtransaction processor is adapted to store the input data as a singletransaction indexed by the sender.
 16. A computerized money transfercontrol system according to claim 15, wherein said receiving device isadapted to receive the input data as data representing a singletransaction, and said transaction processor is adapted to store theinput data as a plurality of associated transactions associated by thesender and indexed by the receiver.
 17. A computerized money transfercontrol system according to claim 14, wherein the senders compriseagents of the money transfer system acting on instruction from sendingentities, or the senders comprise sending entities; and the receiverscomprise agents of the money transfer system empowered to remit thetransferred money to the receiving entities, or the receivers comprisereceiving entities.